GVR Report cover Maleic Anhydride Market Size, Share & Trends Report

Maleic Anhydride Market Size, Share & Trends Analysis Report By Application (Unsaturated Polyester Resins, 1,4-Butanediol, Copolymers, Additives), By Region (Asia Pacific, North America, Europe), And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-191-7
  • Number of Report Pages: 91
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Bulk Chemicals

Maleic Anhydride Market Size & Trends

The global maleic anhydride market size was valued at USD 4.22 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. The growth for the product market is attributed to the increasing demand for unsaturated polyester resins (UPR), which is the prime component used in fiberglass reinforced resins, which is further used in automotive & marine applications and in construction products like sinks, countertops, and tubs.

U.S. maleic anhydride market size and growth rate, 2023 - 2030

Unsaturated polymer resins are widely used as body fillers for rapid reconstruction and repair of damaged parts of a vehicle. In addition, they also function as putty for car painting in the automobile industry. The application of UPR gives a smooth surface to the vehicle by removing any traces of damage. Furthermore, it also provides good adhesion to paint, thereby increasing the lifespan of the applied coat. UPR is widely used for bumpers, roofs, doors, and interiors to repair damage caused during accidents.  Thus, the growing rate of car accidents on a global level is expected to propel the demand for UPR which in turn will drive the demand for maleic anhydride over the forecast period.

The U.S. is the largest consumer of the product in North America with a revenue share of 82.9% in 2022. This is attributed to the expanding agricultural, automotive, and construction industries in the country. According to the Construction Association, the construction industry in the U.S. contributed around USD 959 billion, accounting for 4.5% of the country’s total GDP with 872,000 construction establishments in 2021. Furthermore, the country constructs structures worth over USD 1.8 trillion each year. These factors are expected to contribute to the growth of the product market in the U.S.

Application Insights

Unsaturated polyester resins (UPR) in application segment dominated the market with a revenue share of 50.1% in 2022.This growth is attributed to the fact that unsaturated polymer resin is one of the most popular thermostat polymers utilized as a matrix in various application industries such as aerospace and construction. Unsaturated polymer resin possesses excellent resistance to abrasion, corrosion, chemicals, and heat; superior structural strength; high impact strength; and excellent compressive strength along with environment-friendly characteristics, which makes it an excellent choice for application in the marine, construction, transport, wind energy, and electrical industries.

1,4-butanediol (BDO) is another application anticipated to witness fastest growth over the forecast period. 1, 4-butanediol (BDO) is manufactured from maleic anhydride by Davy Process Technology (DPT). BDO is further used as an intermediate chemical to produce polybutylene terephthalate (PBT), polytetramethylene ether glycol (PTMEG), tetrahydrofuran (THF), gamma-butyrolactone (GBL), and polyurethane (PU). These chemicals are used in engineering plastics, medicines, fibers, cosmetics, pesticides, artificial leather, hardeners, solvents, plasticizers, and rust removers.

Additives in the application segment is also witnessing growth over the period due to growing automotive industry worldwide. Additives are primarily used to improve the fuel efficiency of gasoline, diesel, distillate fuels, and others; modify burn and combustion rates under high temperatures and reduce harmful emissions. Growing environmental concerns towards toxic gaseous emissions have prompted regulatory agencies across the globe to mandate various norms such as the Clean Fuel Program in the U.S. Such mandates have further prompted oil marketers to blend specialty fuel additives in transportation fuel.

Regional Insights

Asia Pacific emerged as the dominating region with a revenue share of 51.7% in 2022. This growth is attributed to the advancing pharmaceuticals, construction, and personal care & cosmetics industries in the region. In the construction and pharmaceutical industries, maleic anhydride is used in the form of unsaturated polymer resin, whereas in the personal care & cosmetics industry, it is used in hair fixative and styling formulas. According to the National Investment Promotion & Facilitation Agency, the personal care & cosmetic market in India is the eighth largest in the world, accounting for USD 15 billion, which is further anticipated to grow at a CAGR of 12% to 16% in the coming years. As per the Hong Kong Trade Development Council, China is the 2nd largest consumer of cosmetics & personal care products, accounting for around 17.3% of the total global consumption. Thus, the growing personal care & cosmetics industry is further anticipated to drive the demand for maleic anhydride over the forecast period.

Global maleic anhydride market share and size, 2022

Middle East & Africa is another region witnessing strong growth over the forecasted period. The growing demand for maleic anhydride in the MEA can be attributed to the growing end-use industries, such as agriculture and construction, in the region. According to the International Monetary Fund, the UAE launched 50 new economic initiatives to boost the country’s economic growth and attract FDI worth USD 150 billion in 2021. Additionally, around 47 construction contracts amounting to USD 3 billion were awarded to both foreign and local companies during the Dubai Expo 2021, thus promoting the growth of the construction industry in the country.

The advancing automotive and construction industries are expected to drive the demand for maleic anhydride in the Europe region as it is majorly used in the production of unsaturated polymer resins, which further finds usage in the automobile, construction, and pharmaceutical industries. According to the International Trade Administration, in 2021 Italy has the 11th largest construction market globally. Moreover, as per the European Construction Industry Federation, the construction industry in Germany witnessed an increase of 3.2% in 2021 with investment in the construction sector reaching USD 411.97 billion. In addition, construction orders in the country witnessed an increase of 9.4% in 2021 compared to the previous year. Thus, the advancing construction industry in the region is aiding the increased demand for maleic anhydride.

Key Companies & Market Share Insights

The maleic anhydride market is highly competitive with the presence of a large number of independent small-scale and large-scale manufacturers and suppliers. Players are entering into acquisitions and expansion plans to maintain their position in the market. For instance, in July 2020, Polynt Group announced its plans to build a greenfield maleic anhydride production plant in Morris, U.S. with a production capacity of 50,000 tons per annum. This move was taken by the company to meet the rising demand for maleic anhydride. Some of the prominent players in the global maleic anhydride market include:

  • Cepsa

  • INEOS

  • Huntsman International LLC

  • Lanxess A.G.

  • Mitsubishi Chemical Corporation

  • MOL Hungarian Oil & Gas Plc

  • Nippon Shokubai Co., Ltd.

  • Polynt Group

  • Thirumalai Chemicals Ltd.

  • Jiangyin Shunfei

  • Tianjin Bohai Chemicals

Maleic Anhydride Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 4,386.1 million

Revenue forecast in 2030

USD 5.86 billion

Growth rate

CAGR of 4.2% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

May 2023

Quantitative units

Revenue in USD million, volume in kilotons, and CAGR from 2023 to 2030

Report coverage

Volume & revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Germany; U.K.; France; Italy; China; India; Japan; South Korea; Brazil

Key companies profiled

Cepsa; INEOS; Huntsman International LLC; Lanxess A.G.; Mitsubishi Chemical Corporation; MOL Hungarian Oil & Gas Plc; Nippon Shokubai Co.; Ltd.; Polynt Group; Thirumalai Chemicals Ltd.; Jiangyin Shunfei; Tianjin Bohai Chemicals

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Global Maleic Anhydride Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global maleic anhydride market report based on application, and region:

Global Maleic Anhydride Market Report Segmentation

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Unsaturated Polyester Resins (UPR)

    • 1,4-Butanediol (BDO)

    • Additives (Lubricants & Oil)

    • Copolymers

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

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